What is the highest FD interest rate for senior citizens in 2023?
| Bank Name | Up to 5 years | Above 5 years |
|---|---|---|
| Karur Vysya Bank | 6.65% to 7.70% | 6.65% |
| Bandhan Bank | 3.75% to 8.35% | 6.60% |
| IDBI | 3.00% to 6.80% | 6.25% |
| IndusInd Bank | 4.00% to 8.25% | 7.50% |
- DCB Bank senior citizen FD.
- IndusInd Bank senior citizen FD.
- YES Bank senior citizen FD.
- Bandhan Bank senior citizen FD.
- IDFC First Bank senior citizen FD.
As of 2023, IDFC First Bank FD offers the highest interest rate.
Unity Bank continues to offer an interest rate of 9.50% p.a. to senior citizens and 9.00% p.a. to general investors for a tenure of 1001 days. Additionally, for tenures of 181 – 201 days and 501 days, Unity Bank offers an interest rate of 9.25% p.a.to senior citizens and 8.75% p.a. to general investors.
Best Overall: Chase
We picked Chase as the best bank for seniors overall because of its low fees, low opening balance and access to many other services, such as Zelle and Chase Online Bill Pay. Autosave makes saving easy by scheduling automatic transfers from your checking account to savings.
Among scheduled private sector banks, SBM Bank offers the best FD interest rates of up to 8.25% p.a. for above 3 years 2 days to less than 5 years. Among scheduled public sector banks, the highest FD rate is offered by the Punjab & Sind Bank of up to 7.40% p.a. for a tenure of 444 days.
ESAF Small Finance Bank is offering 9% interest on FDs from 2 years to 3 years. According to the bank's website, these rates are applicable from April 14, 2023. Fincare Small Finance Bank FDs maturing in 500, 750 and 1000 days are fetching interest at the rate of 9, 9.43, 9.21 respectively.
| Small Finance Bank | Highest interest Rate | Tenure |
|---|---|---|
| AU SFB | 8% | 24-36 months |
| Ujjjivan SFB | 8.45% | 560 days |
| Equitas SFB | 8.5% | 444 days |
| Jana SFB | 8.5% | 1095 days |
| Tenure | Normal Citizen FD Rate | Senior Citizen FD Rate |
|---|---|---|
| 11 months 30 days - 11 months 30 days | 6.9% | 6.9% |
| 1 year - 2 years 11 months 30 days | 7% | 7% |
| 3 years - 4 years 11 months 29 days | 7.5% | 7.5% |
| Banks Offering FD | Interest Rate | Tenure |
|---|---|---|
| Canara Bank | 3.25% - 7.00% | 15 days - 10 years |
| HDFC Bank | 3.00% - 4.00% | 33-99 months |
| ICICI Bank | 3.00% - 6.00% | 7 days -10 years |
| Kotak Bank | 2.50% - 5.25% | 7 days - 10 years |
Which bank is best for fixed deposit for 1 year?
| FD Scheme | Interest Rate | Senior Citizen Rates |
|---|---|---|
| Bank of Maharashtra FD | 6.35 % | 6.85 % |
| Union Bank of India FD | 6.3 % | 6.8 % |
| Indian Bank FD | 6.1 % | 6.6 % |
| CSB Bank FD | 5 % | 5.5 % |
- Axis Bank: Axis Bank offers interest rate of 3.5 per cent to 7.1 per cent for all customers except senior citizens. ...
- HDFC Bank: HDFC bank FDs come with an interest rate of 3 per cent to 7.25 per cent for different tenures.
HDFC Bank offers FD rates of 3.00-7.20% p.a. to the general public and 3.50-7.75% p.a. to senior citizens on tenures ranging from 7 days to 10 years. The bank also offers Tax Saving FDs @ 7.00% p.a. for the general public and 7.50% p.a. for senior citizen depositors for the tenures of 5 years.
Table compiled by Paisabazaaar. Jana Small Finance Bank, Fincare Small Finance Bank, Equitas Small Finance Bank, Esaf Small Finance Bank, Survoday Small Finance Bank and Utkarsh Small Finance Banks are other banks with over 9-9.11 per cent interest rates to senior citizens for FDs.
- Unity Small Finance Bank.
- Fincare Small Finance Bank.
- Suryoday Small Finance Bank.
- Equitas Small Finance Bank.
Senior Citizen certificate of Deposit content
Earn high-interest rates with safe and secure Senior Citizen deposits. The Senior Citizen CD has the following benefits: Earn a higher interest rate above the interest rates for regular CD.
| Household size | Asset limits |
|---|---|
| 1 person | $130,000 |
| 2 people | $195,000 |
| 3 people | $260,000 |
| 4 people | $325,000 |
JP Morgan is named the world's best private bank by Euromoney magazine, the leading authority for the world's banking and financial markets. JP Morgan Private Bank is especially known for their investment services, which makes them a great option for those with a lot of money in their account.
| Tenure | General Public FD Rate | Senior Citizens FD Rate |
|---|---|---|
| 1 Year to less than 2 years | 6.80% | 7.30% |
| 2 years to less than 3 years | 7.00% | 7.50% |
| 3 years to less than 5 years | 6.50% | 7.00% |
| 5 years and up to 10 years | 6.50% | 7.50% |
| Company Name | Credit Rating | Interest Rates (% p.a.) |
|---|---|---|
| Bajaj Finance Limited | CRISIL-AAA/Stable ICRA-AAA/Stable | 8.05 |
| LIC Housing Finance Ltd. | CRISIL-AAA/Stable | 7.75 |
| Mahindra Finance | CRISIL-AAA/Stable IND AAA/Stable by India Ratings | 7.75 |
What is the interest rate for post office FD in 2023?
Post office FD interest rate ranges between 6.9% to 7.5% p.a. for tenures of 1 year to 5 years. These rates are applicable from 1 October 2023 to 30 December 2023. This FD plan was launched as the National Savings Time Deposit Account Scheme to encourage savings habits and risk-free investment among investors.
| Bank name | Account name | APY |
|---|---|---|
| Ravnaq Bank | 12-month Time Deposit Account | 14% |
| Khan Bank | 365-day, 18-month and 24-month Ordinary Term Savings Account | 12.3% to 12.8% |
| Khan Bank | 12-month, 18-month and 24-month Online Term Deposit Account | 12.4% to 12.9% |
| Yield | N/A | Up to 12% |
As of August 2023, the country with the highest deposit interest rate worldwide was Argentina, where the interest rate was as high as 113 percent.
- Popular Direct – 5.40% APY.
- My Banking Direct – 5.35% APY.
- BrioDirect – 5.35% APY.
- BluPeak Credit Union* – 5.33% APY.
- Ivy Bank – 5.30% APY.
- Vio Bank – 5.28% APY.
- TAB Bank – 5.27% APY.
- TotalDirectBank – 5.26% APY.
On senior citizen FDs, Fincare Small Finance Bank offers interest rates between 3.60 per cent and 9.11 per cent for tenure ranging from seven days to 10 years. The highest interest rate of 9.11 per cent is being offered on 750 days tenure. The rates are effective from July 26, 2023.
Revision in Interest Rates on Retail Domestic Term Deposits (Below Rs. 2 crore) w.e.f. 15.02.2023. The specific tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f. 12- April- 2023. Senior Citizens are eligible for rate of interest of 7.60%.
| Bank/NBFC/HFC | Non-Senior Citizen (p.a.) | Monthly Interest Payout |
|---|---|---|
| YES Bank | 7.25% | ₹ 6,042 |
| Jana Small Finance Bank | 7.25% | ₹ 6,042 |
| Kotak Mahindra Bank | 6.20% | ₹ 5,167 |
| SBI | 6.50% | ₹ 5,417 |
What is the exemption limit for TDS deduction on FD? The exemption limit for TDS deduction on FDs is Rs. 40,000, which means that if the total interest earned for a financial year on FDs held with one branch of a bank exceeds Rs. 40,000, TDS will be deducted at a rate of 10%.
The post office time deposit (POTD) is an alternative to the bank fixed deposits for those looking for fixed income. It is safer than than an FD because the principal invested and interest earned are backed by sovereign guarantee. In a POTD, there are four tenure options- 1, 2, 3 and 5-year deposits.
What is the monthly interest on 1 lakh FD?
| Monthly Interest for 1 Lakh | Bank Name | Interest Rates |
|---|---|---|
| Rs. 654 | Axis Bank | 7.85% |
| Rs. 604 | Central Bank of India | 7.25% |
| Rs. 708 | AU Small Finance Bank | 8.50% |
| Rs. 646 | Bank of Baroda | 7.75% |
In the last 20 years, that is, from 2000 to 2023, the average interest rate in India dropped from 10.50% to 5.90%. The financial market conditions, the RBI policies, and the country's economic conditions accounted for this change.
The investment tenure of FDs ranges from seven days up to ten years, and it varies across banks. The return on investment is compounded periodically; it may be monthly, quarterly, or annually.
The interest rate on Fixed Deposits varies across tenures. First, check your bank's website for the interest rates on different tenures. Sometimes, extending your tenure by even a day could earn you a higher interest rate. Pick a tenure that offers you the best Fixed Deposit interest rate.
| Sr. No | Savings Account | Interest Rate |
|---|---|---|
| 1 | Freo Save | Up to 7% |
| 2 | Ujjivan Small Finance Bank | Up to 7% [w.e.f. 13th June, 2022] |
| 3 | RBL | Up to 7% [w.e.f. 1st March, 2023] |
| 4 | Digibank by DBS | Up to 7% [w.e.f. 1st Feb, 2023] |
Under this scheme, SBI offers special FD interest rates at 7.10% p.a. to the general public and 7.60% p.a. to senior citizens for the tenure of 400 days. The validity of the said scheme is till 31 December 2023.
| Tenure | Normal Citizen FD Rate | Senior Citizen FD Rate |
|---|---|---|
| 1 year 1 month 4 days - 1 year 11 months 30 days | 6.75% | 7.25% |
| 2 years - 2 years 11 months 30 days | 7.05% | 7.55% |
| 3 years - 4 years 11 months 29 days | 6.5% | 7.15% |
| 4 years 11 months 30 days - 9 years 11 months 28 days | 6.5% | 7.5% |
| Bank FD Names | FD Rates for General Public (p.a.) | FD Rates for Senior Citizens (p.a.) |
|---|---|---|
| Bank of Baroda FD | 3.00% to 7.25% | 3.50% to 7.75% |
| Kotak Mahindra Bank FD | 2.75% to 7.25% | 3.25% to 7.75% |
| Axis Bank FD | 3.00% to 7.10% | 3.50% to 7.75% |
| HDFC Bank FD | 3.00% to 7.20% | 3.50% to 7.70% |
SBI Senior Citizen FD rates
SBI offers 0.50 percent higher interest rates on fixed deposits to senior citizens compared to regular FD rates. Regular FD interest rates vary between 3.50 percent and 7.50 percent for tenures ranging from 7 days to 10 years.
Which type of FD is best?
Corporate and Other Fixed Deposits
If you choose a good Company FD scheme, you will generally earn more on your investment than bank FDs as these schemes offer the highest interest rate on FD. You can check the credit ratings of the company you want to invest from reputed credit rating agencies like CRISIL.
PNB RD Interest Rates 2023
The interest rates offered by Punjab National Bank RD are in the range of 5.50% to 6.50% p.a. for a tenure of 6 months to 10 years for regular citizens. For the same tenure, the senior citizen RD rates range between 6.00% to 7.30% p.a..
ESAF Small Finance Bank is offering 9% interest on FDs from 2 years to 3 years. According to the bank's website, these rates are applicable from April 14, 2023. Fincare Small Finance Bank FDs maturing in 500, 750 and 1000 days are fetching interest at the rate of 9, 9.43, 9.21 respectively.
